Banco Santander-Chile Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Reports Impairment of Property, Plant and Equipment for the First Quarter Ended March 31, 2018; Provides Tax Rate Guidance for the Year 2018
April 26, 2018
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Banco Santander-Chile reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported net interest income of CLP 346,715 million against CLP 318,575 million a year ago. Net operating profit before provision for loan losses was CLP 451,737 million against CLP 441,149 million a year ago. Net operating profit was CLP 376,332 million against CLP 367,287 million a year ago. Operating income was CLP 195,521 million against CLP 179,506 million a year ago. Income before tax was CLP 196,346 million against CLP 180,226 million a year ago. Net income attributable to equity holders of the bank was CLP 151,016 million or CLP 0.80 per share against CLP 142,375 million or CLP 0.76 per share a year ago. Return on average equity was 19.4% against 19.5% a year ago. Return on average assets was 1.7% against 1.6% a year ago. Interest income was CLP 528,052 million against CLP 523,968 million a year ago. Net income per ADR was 0.53 against CLP 0.46 a year ago.
For the quarter, the company reported impairment of property, plant and equipment of CLP 39 million against CLP 184 million a year ago.
The company's statutory tax rate increased in the year 2018 to 27%. So the company expects its effective tax rate reach levels between 22% to 23%, similar to the first quarter of 2018.
Banco Santander-Chile (the Bank), formerly Banco Santander Chile, is a Chilean bank. The Bank's segments include Retail banking, Middle-market, Global Corporate Banking and Corporate Activities (Other). The Retail Banking segment consists of individuals and small to middle-sized entities (SMEs). The Middle-market segment serves companies and large corporations. The Global Corporate Banking segment consists of foreign and domestic multinational companies. The Corporate Activities segment includes its Financial Management Division, which develops global management functions. It provides a range of commercial and retail banking services to its customers, including Chilean peso and foreign currency denominated loans to finance a range of commercial transactions, trade, foreign currency forward contracts and credit lines and a range of retail banking services, including mortgage financing. In addition to its traditional banking operations, the Bank offers a range of financial services.
Banco Santander-Chile Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Reports Impairment of Property, Plant and Equipment for the First Quarter Ended March 31, 2018; Provides Tax Rate Guidance for the Year 2018